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- Manufacture and sell your invention. The simplest way to make money from a granted patent is to commercialise your invention. This would be effectively achieved by forming a company, manufacturing your product, marketing your product within the inventive field of application and selling your patented product.
- Licence your patent rights. A second way to secure financial reward from your patent is to licence your patent rights. A patent licencing agreement is a legal contract between the patent owner (the licensor) and a legal entity (the licensee) which wishes to commercialise some or all of the subject matter which is protected by the owner’s patent.
- Sell your patent right. It may be the case that you lack the resources to manufacture and commercialise your patented invention. Alternatively, you may prefer instead to focus on research, thereby avoiding the costs associated with establishing the foundations of a successful business.
- Win a patent infringement legal battle. You may discover that a competitor has taken one of your ideas and implemented it into their product without requesting permission or establishing an associated licencing agreement.
- Start a business: Product conversion. One of the best ways to make money from your patent is to create and sell the product you invented. If you’re thinking about manufacturing and retail opportunities, start by yourself the following questions
- License your patent. If starting your own business isn’t the best approach for you, you can still earn a handsome amount by licensing your patent. Patent licensing is a practice that lets you transfer your patent rights to a party that can use it for making or selling a product or service.
- Use a patent licensing company. If you’re not interested in doing all the licensing legwork yourself, there are patent licensing companies, (some of them are publicly traded) like Acacia Research Corporation, that help individual inventors monetize their patent assets.
- Use it as collateral for a bank loan. Did you know that sometimes you can use your patent as collateral when seeking a bank loan? You might be surprised that this is a fairly common practice and something even major players like General Motors, Alcatel Lucent, and Kodak have done.
This collaboration can reduce litigation risks, lower transaction costs, and make it easier for companies to access a broader range of technologies. Enforcement. While the primary goal of a patent is to protect against unauthorized use, enforcing patent rights can also lead to monetization.
A patent is a document granted by the Government of Canada which gives an inventor the exclusive right to make, use, and sell the invention. A patent protects the rights of the inventor for 20 years, and makes it illegal for other people to make, use, or sell the same invention. You can use your patent to make a profit by selling it, licensing ...
Sep 18, 2024 · How Patents Make Money: A Comprehensive Guide for Innovators. When inventors secure a patent, it’s easy to think that this document alone will generate wealth. However, the truth is more complex. As JD Houvener, founder of Bold Patents Law Firm, explains in this video, patents themselves don’t generate money.
- jd@boldip.com
Apr 27, 2018 · Patent Commercialization: 5 Ways to Make Money From Your Patents. 3. A registration of patent provides an exclusive right granted to the inventor, to exclude others from using their invention of new product or process, in any manner without their permission. Now, this is common knowledge that it is a monopolistic right, which could restrict ...
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It is possible to make further developments to other people’s patented inventions and thus contribute to additional development and create new business opportunities. However, remember that you need permission or a licence from other patent holders if their invention is being use in your invention. Go back Next. Edited 2024-06-05.
